5 Things to Know Before the Stock Market Opens

Stock futures are slightly lower this morning after a wild trading session yesterday amid hopes that the Iran war won’t be protracted; oil prices are sliding after President Donald Trump indicated that the armed conflict could end soon; officials from G-7 countries are set to meet to discuss a potential release of oil barrels from strategic reserves; cloud computing giant Oracle is due to release its quarterly results after the closing bell; and shares of Hewlett Packard Enterprise are rising after the server maker boosted its full-year outlook. Here’s what you need to know today.

Stock Futures Tick Lower After Monday’s Wild Session

Stock futures are down slightly this morning after a volatile day of trading in which major indexes rebounded from steep early losses to close solidly higher. Futures tied to the Dow Jones Industrial Average and S&P 500 were down 0.3% recently, while Nasdaq futures fell 0.2% The major indexes rallied yesterday afternoon after comments from President Trump and a meeting of international officials helped calm investors who were growing concerned about the impact of the Iran war. WTI crude oil futures, the U.S. benchmark, were down 5% at around $90 per barrel as fears about long-term supply disruptions eased. (more on that below) Gold futures were up 1.5% to $5,180 an ounce this morning, while bitcoin was at $70,500, up from a low of under $66,000 yesterday. The yield on the 10-year Treasury note, which affects interest rates on a wide array of loans, was holding steady at 4.13%.

Oil Slides on Trump’s Comments About Iran War

Oil prices are falling after President Trump told _CBS News _on Monday that the war in Iran is “very complete, pretty much,” and reiterated in a press conference later in the day that the war is ahead of where he thought it would be at this point. Crude oil prices gained more than 30% last week as the war with Iran slowed traffic through the Strait of Hormuz to a near total halt and Iran attacked multiple neighboring countries that also produce oil, raising concerns about the impact the war could have on the global oil supply. WTI crude jumped to nearly $120 per barrel late Sunday, but fell sharply from those levels late yesterday after Trump’s comments. Trump also told _CBS News _that he believed ships are starting to move through the Strait of Hormuz again, and floated the possibility of the U.S. intervening to take the waterway over and keep it open. The President also said on social media Monday that Iran would be hit “TWENTY TIMES HARDER than they have been hit thus far” if the country attacks more ships to stop traffic in the Strait.

G7 to Meet Over Potential Release of Oil Reserves

Another factor helping to bring oil futures down from their four-year highs is the meeting scheduled for today between energy ministers of the Group of Seven countries. The officials are expected to discuss a potential release of oil from strategic reserves around the world to help limit the impact the conflict in the Middle East will have on the global oil supply chain. A meeting is expected to take place around 8:45 a.m. ET today, per The Wall Street Journal. French energy minister Maud Bregeon told reporters that “All options are on the table,” with a goal of working to lower gas prices for consumers. The G-7 officials said after a meeting Monday that they would be willing to take a number of measures, including the release of oil from strategic reserves, to “stabilize the market.”

Oracle Earnings Due After the Closing Bell

Tech investors will get another look under the hood of one of the market’s biggest tech firms on Tuesday, with Oracle (ORCL) scheduled to post its latest quarterly earnings after the closing bell. Fiscal third-quarter revenue is projected to come in at a record $16.92 billion, along with adjusted earnings per share of $1.72. The stock has slumped in recent months amid concerns that the AI trade has left tech companies overvalued, and over Oracle’s financial position. The company has taken on a mountain of debt to finance its data center expansion to meet the compute needs of a few large clients including ChatGPT maker OpenAI. Oracle shares, which have lost about one-fifth of their value since the start of the year, were up 1% in premarket trading.

Hewlett Packard Enterprise Boosts Profit Forecast

Hewlett Packard Enterprise (HPE) topped Wall Street’s profit expectations and lifted its guidance for the full year. Fiscal first-quarter revenue of $9.3 billion came in just below estimates, while adjusted EPS of 65 cents was 7 cents ahead of the analyst consensus compiled by Visible Alpha. The company reaffirmed its revenue forecast, but boosted its profit outlook after posting “one of our most profitable quarters on record,” said CEO Antonio Neri. HPE’s Networking revenue more than doubled year-over-year, driven by a 382% jump in its Data Center Networking segment, while sales in its Cloud & AI division were down about 3% year-over-year. HP Enterprise shares were down less than 1% ahead of the opening bell.

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